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Broken Hill Community Credit Union home loans

9 August 2018

Broken Hill Community Credit Union has been part of the Broken Hill landscape for more than 40 years.

Committed to improving the quality of life for the whole Broken Hill community, this credit union believes in fostering strong, positive relationships with its members and helping all share owners achieve their financial objectives.

What do I need to know about the Broken Hill Community Credit Union?

With over 8,000 members and 20 full time staff running the organisation, Broken Hill Community Credit Union (BHCCU) is currently the largest credit union in Broken Hill. They provide their members with a full range of financial products, from home loans and credit cards to insurance and financial counselling.

Their strong sense of community extends to the way they describe their business: members pool their money to help other members access loans, and everyone is united in making their money work for the good of the group. BHCCU is active in the local community, bolstering a number of sports and educational projects with sponsorships and donations to the Credit Union Foundation of Australia (CUFA).

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What kinds of home loans are offered by BHCCU?

Purchase and Construction Home Loan

This home loan is ideal for members who would like to purchase a home or build one. Borrow for up to 30 years with a competitive variable rate and no fees charged for monthly administration or loan services. Access additional payments with a redraw facility or pay off the whole loan without risking a penalty fee.

Investment Home Loan

Thanks to quick approval and flexibility with repayments, this home loan takes the hassle and worry out of deciding to invest in additional properties. Members pay no ongoing service fees for the duration of the loan period and extra repayments can be made to save on interest and reduce the loan period.

Mortgage Offset Home Loan

Signing on for this home loan means saving on interest: every month your interest payment is calculated on the difference between the loan balance and the amount in the offset account. As long as the balance is $5,000 or more, it can be used to help reduce monthly interest. You can have your salary deposited directly into the offset account to further decrease interest on the principle and access it as you would a regular account.

Personal Mortgage Loan

This loan is available for properties valued at less than $100,000. Despite the smaller balance, members still enjoy premium features like access to a redraw facility, the option to repay in lump sum amounts or in full and waived monthly fees.

Interest Only and Investment home loans

Members only pay the interest on the principle amount, which means smaller monthly repayments and the opportunity to redirect the disposable income into a higher return investment. While the loan balance itself doesn’t decrease, investors can grow equity in the property during the 12 month period.

Secured Overdraft Facility

BHCUU allows you to borrow against your home or another investment property and open a line of credit. Access it and repay at your own pace without paying loan service fees. A monthly fee applies.

Equity Home Loan

Access the equity accumulated in your property to pursue personal projects, travel or invest. Available at a competitive variable rate and with the option to make extra repayments, this home loan allows maximum financial freedom with minimum drawbacks. Members can apply for a loan period of up to 30 years and no fees are charged if they wish to settle the loan early.

Advantages and considerations of borrowing with BHCUU

Advantages

BHCUU makes sure that their members reap the benefits of credit-union banking.

A win-win for members. Members deposit their money to fund loans for other members. They earn interest on those loans, increasing their savings and helping the credit union grow.

Variety. BHCUU’s home loan products are set up to anticipate the needs of their large, diverse membership.

Advice and planning. BHCUU provides a solid support structure for its members, assisting them with planning their financial futures and choosing the right products for their budgets.

Considerations

Only one branch. There's only one branch for this credit community, and it's in Broken Hill, so if you prefer face-to-face banking this lender might not be an option depending on where you live.

How to apply for a BHCUU home loan

Documents needed to apply for a home loan

Personal identification. The credit union needs proof of positive identification as part of your home loan application.The documents must comply with the 100-point check and can include birth or citizenship certificates, an identification card, a current passport or a driver’s licence.

Property information. Here you should include a contract of sale signed by both parties, a deposit receipt, building-inspection documents and all paperwork related to construction or renovation (if applicable).

Financial information. These documents would include proof of your employment status, confirmation of your salary and whether or not you have assets that bring in additional income. You should also include a list of liabilities like current loans, credit card accounts and a list of monthly expenses to help the credit union determine whether or not you’re able to honour repayment commitments.

BHCUU members belong to an organisation with deep roots in their community and that prides itself on the fact that every share owner in Broken Hill is financially stable.

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